Housing

This Oklahoma bill creates a tax credit program to encourage converting old, vacant buildings into housing. Property owners can claim up to 50% of qualified costs (like environmental cleanup, code upgrades, or system repairs) for adaptive reuse projects on structures at least 30 years old that have been vacant or underutilized (with rent below 50% of market rate). The program has a $5 million annual cap on approved credits, with unused funds carried forward to future years. Credits cannot reduce tax liability below zero but may be carried forward for up to 10 years. The Oklahoma Department of Commerce and Tax Commission will administer the program and prioritize projects based on local housing needs.

SB 274 requires landlords receiving certain affordable housing tax credits (under federal or Oklahoma law) to implement a criminal history screening policy for tenant applications. It prohibits blanket denials based on criminal records and mandates an individualized review considering factors like the offense's seriousness, time since conviction, rehabilitation efforts, and relevance to tenant behavior. Landlords must provide applicants with the right to submit supporting documentation during this review process. The policy applies to tax credit awards starting January 1, 2026, and the Oklahoma Housing Finance Agency will ensure compliance with these requirements.